Protect Your Business from Ransomware: 4 Tips for Businesses

Are you using the right methods to prevent ransomware attacks on your business? Ransomware attacks are a pervasive threat to organizations of all sizes. Browse through our guide to discover how to reduce your risk of a computer attack and how to react quickly in the event of a cybersecurity incident.

4 Best Preventive Measures Against Ransomware Attacks

How to secure your IT systems to reduce your risk of a ransomware attack? Find out the best tips from the cybersecurity experts at ited.

1. Have a Data Backup Plan

Implementing a data backup plan is the best way to protect against ransomware attacks or reduce their impact. Making regular backups and keeping an offline version reduces the risk of your sensitive information being encrypted. Do not forget to test your backups regularly to ensure they’re still functional and accessible.

2. Install Firewalls & Other Safety Measures

Installing firewalls, VPNs, and other network security measures strengthen your cybersecurity posture and your level of protection against ransomware attacks.

3. Regular Updating of IT Systems

To limit access to security loopholes or system vulnerabilities, we strongly recommend updating your systems frequently. For example, your:

Ransomware is rapidly evolving, with new cyber threats emerging every year. By setting up automatic updates, you reduce the risk of forgetting and ensure you’re always one step ahead of hackers.

4. Educating Your Employees About Cybersecurity in the Workplace

Do not overlook the power of training and awareness to protect from ransomware attacks. Employees who recognize and know how to avoid cybersecurity threats are invaluable to every organization.

Find out how to prevent ransomware attacks with targeted training and exercises.

These methods are highly effective in preparing your teams to react quickly and appropriately when facing suspicious emails, email attachments, and links.

What Type of Business Is Most Vulnerable to Ransomware Attacks?

Protecting against ransomware attacks is a challenge for organizations of all sizes and types, from the smallest to the largest.

Why Are SMBs a Perfect Target for Hackers?

SMBs are an attractive target because they often have fewer resources to protect against ransomware attacks. For this reason, they are perceived as easier targets for pirates.

Furthermore, small does not mean without means or without enticing personal information for hackers. The question you need to ask yourself is not if you’re at risk but how to improve IT security in your organization so as not to become a victim.

Why Are Large Businesses Investing In Ransomware Attack Solutions?

If small businesses are targets because of their lack of security, larger organizations are not spared. The fact is these companies have more significant financial resources. For hackers, they are therefore able to meet ransom payments. A ransomware attack also threatens to paralyze critical systems, making them particularly vulnerable.

Other High Risk Organizations

Why Take Measures for the Prevention of Ransomware Attacks?

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reports of fraud in Canada

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million stolen since January 2021

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of organizations who paid the ransom had their data completely restored

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healthcare organizations in Canada and the United States experienced a ransomware attack

Most ransomware encrypts data or blocks your access to it without tricks or scams. Hackers also exploit vulnerabilities in your security system. Then, to get your hands on a decryption key, the hacker will demand a ransom. Unfortunately, the losses and damage don’t stop there.

Costs & Losses Associated with Ransomware

The financial aspect of ransomware is one of the main reasons for implementing a solution for ransomware attacks at your business. Hackers demand costly ransoms in exchange for encrypted files and data. In addition to the ransom price, you need to factor in the data recovery cost and revenue loss due to business interruptions.

According to the Canadian Centre for Cybersecurity, ransomware is on the rise since 2020. Moreover, even when paying the ransom, only 42% of companies fully recover their data. That means that even if your company pays the ransom, you’re not guaranteed your data back.

Your Company’s Reputation

The impact of a ransomware attack on companies extends beyond the financial aspect. Their reputation is also on the line. Data leaks and losses greatly affect trust, which leads to long-term losses.

Different Types of Ransomware Threatening Businesses in 2024

Lockbit 3.0: As its name implies, Lockbit 3.0 is a more recent version of the notorious Lockbit ransomware. This version mainly targets large corporations. It encrypts the data, and then the hackers threaten to disclose sensitive information unless a ransom is paid. It spreads rapidly thanks to its advanced evasion techniques.
BlackCat/ALPHV: This ransomware is particularly dangerous and difficult to counter. It is written in Rust, making it hard to detect. Like all ransomware as a service (RaaS), it poses a risk of double extortion, as many groups of cyber criminals can use it simultaneously.
Cl0p: Cl0p spreads through phishing emails campaigns and the exploitation of vulnerabilities to encrypt data and threaten its disclosure.
WannaCry: WannaCry is a pervasive threat to organizations that fail to update their systems. Although its influence is waning, it still poses a risk to Windows operating systems that lack the latest security patch

Ever-Present Threats

Jigsaw: A particularly aggressive type of malware attack that forces its victims to pay the demanded ransom as quickly as possible. These ransomware systematically encrypt the files and deletes them hourly. The maximum time limit is usually set at around 72 hours. Otherwise, all encrypted files will be deleted. While Jigsaw has been quiet since fall 2021, it has been known for its comebacks, so it’s always best to be prepared.
Sodinokibi/REvil: Sodinokibi (Sodin or REvil, ransomware evil) is a group of hackers who rented out their malware to third parties. The software infects, and the pirates extort ransoms. Known for their cruelty, they threatened the publication or sale of personal data. They also targeted all types of victims, from individuals to large corporations, such as an Apple supplier. This group was dismantled in January 2022, but rumors of its return are circulating.
Cerber: Cerber is easy to use and targets cloud-based M365 users with phishing tactics. It also features a decryptor in 12 languages, making it convenient for cybercriminals anywhere.
Locky: The Locky ransomware also spreads via phishing attacks in which the malware is disguised as an email, an invoice, or any other email attachment. Once opened, the victim is prompted to run macros to read the details, and when the program activates, the ransomware quickly begins encrypting all files until the ransom is paid. It’s now easier to defend against Locky, as most anti-malware programs detect it.

Ransomware FAQ

Defining Ransomware and How it Attacks

Ransomware is a type of malicious software. Ransomware attacks take many forms, from blocking access to your computer systems to encrypting your data and files.

Top 3 Most Common Ransomware Attack Methods

What methods do hackers use to deliver their ransomware to businesses?

The most common way to become infected is via hacked email, either by opening an infected attachment or clicking suspicious links.
Ransomware also spreads through unsecured networks, such as if there are flaws in your WiFi security or a lack of measures with a VPN.
Another resurfacing method is the infected USB stick.

6 signs Your Organization Is Infected by Ransomware

• You received a ransomware message (popup windows, screen lock with message, etc.)

• Company files are encrypted (unknown extensions, inaccessible or unreadable files, error messages)

• Your system is slow or unresponsive

• You receive notifications from your antivirus or security software (alerts and quarantines of infected files)

• New programs or apps appear without your intervention

• Changes to your security settings

Is It Possible to Counter-Attack Ransomware?

We do not recommend counter-attacking for legal reasons, technical skills, or the high risk of retaliation.

What to Do in the Event of a Ransomware Attack, and What Evidence to Keep?

The first step is to isolate the infected system before the infection spreads.
Then, take screenshots of any ransomware message or encrypted file. Keep event logs and security alerts.
Report your cyber attack to the Canadian Centre for Cyber Security.
Contact a cybersecurity company, such as ited. We have decryption tools that can help you recover your data or help you decide whether to pay the ransom

Stopping ransomware can be pretty tricky. To avoid the worst, protect yourself with a personalized cybersecurity solution for your organization. Make regular backups and updates; this will help you limit the impact of a cyber attack on your business.

Should I Take Out a Corporate Cyber-Attack Insurance Policy?

Although there is no law or legal obligation, cyberattack insurance is an excellent way to protect your business. It can help:

• Cover repair costs

• Reimburse financial losses

• Crisis management

• Protect your organization against liability

The cost of this cybersecurity insurance varies according to several factors, such as the size of your company, your business sector and your level of risk.

ited, Your Strategic Cybersecurity Partner to Prevent Ransomware Attacks

Don’t wait until you’re the victim of a cyberattack. Stay vigilant and protect your data with services and solutions tailored to your needs. The cybersecurity experts at ited help you implement effective IT security measures. Trust our team to protect your sensitive data and information systems from ransomware.

Need help reinforcing your protection against ransomware? Contact our experts today.

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